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Paul Tramontano, it would seem, picked a tough time to start his own firm. He founded Constellation Wealth Advisors in 2007 at the top of the market and on the eve of the credit crisis. A veteran of Merrill Lynch and Smith Barney, Tramontano had planned to lure clients with a pitch about conflict-free financial advice. But in the end, it was the momentous events of the crash, mainly Bear Stearns' collapse, that pushed investors his way.

"For some period of time, people couldn't get their money out of the big firms fast enough," Tramontano recalls. Constellation, then a new independent firm, was waiting in the wings. Five years later, the firm manages some $5.2 billion for 150 families. And Tramontano, co-CEO, now leads a team of 37.

He is still finding ways to set himself apart from the pack. When you enter the "conference room" at Constellation's midtown Manhattan office, you won't find a table or swiveling chairs. The process of financial advice, Tramontano says, is "already uptight and uncomfortable." So Constellation's meeting room—overlooking Bryant Park and the main branch of the New York Public Library—includes a long sofa and brown leather armchairs surrounding a coffee table. The lean-back approach, Tramontano contends, is more conducive to family counsel.

Much of that client counsel today is geared toward equities, particularly as some worry the market may be getting ahead of itself. Stocks aren't a screaming buy, Tramontano says, but he's still putting new money into the stock market. More-restrained fiscal policy and loose monetary policy creates a "pretty good background for stocks," he says.

In particular, Tramontano sees continued opportunity in U.S. dividend stocks, brushing off concerns that the trade has gotten crowded. "Think about prior to the 1990s: More than 50% of the return in stocks came from dividends," Tramontano points out. "And the '90s were this phenomenon where you had Intel and Microsoft and Cisco, which paid no dividend. We're perhaps back to what the market used to be like, where good old-fashioned dividends are a significant part of your total return every year."

That said, he's avoiding some of the biggest dividend payers, such as utilities, real-estate investment trusts, and master limited partnerships. Those investments tend to pay out most of their profits as dividends, limiting future growth. If interest rates rise, their payouts will look less attractive, not unlike bonds.

"We'd rather see companies paying 30% to 40% of their earnings but that can grow the dividend at 7% to 8% a year," Tramontano says.

TRAMONTANO SAYS THAT each of his accounts is highly customized, but—as a starting point—today's typical account would be 50% equity-based. Another third would be in alternatives, with as little as 10% in fixed income. For a young client, Tramontano might advise skipping bonds altogether right now. "It's a one-way trade the wrong way," he says.

But investors, of course, still need sources of income beyond dividend stocks, which can be volatile. Tramontano has found one answer in multifamily real-estate investments. He has been putting client money with a private family that has 60 years of experience in the real-estate market. Right now, the group is developing and buying rental properties mainly on the West Coast as well as in places like Washington, D.C., Boston, and New York.

Since 2010, the business has been generating dividend income of about 7%. With that kind of return, Tramontano's clients can get very comfortable in those leather chairs.